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The rule affects staff in the compliance and risk functions.

Credit Suisse Asia staff irked by rule on remote working overseas

Some Credit Suisse staff in Asia are complaining about a rule introduced last week which says they're unable to work remotely outside their "contracted employment location" except in exceptional circumstances, and that when permission to work overseas is granted, it will be restricted to no more than 10 days.

The email, seen by eFinancialCareers, was sent last week to all Credit Suisse compliance and risk staff in Asia. 

It states that while staff vacations overseas are supported for the sake of employee mental health, employees who find themselves unable to return home may be required to take paid or unpaid annual leave. 

Cross border working carries potential risks in terms of corporate tax, IT risks, data protection, employment law and regulatory certification, says the email. For this reason, Credit Suisse will not support requests to work remotely overseas except in exceptional circumstances like a "health emergency or bereavement in immediate family."

If employees need overseas working approved, they will need support from senior management or their line manager. "If approved, the maximum period allowed is limited to 10 business days," says the email. 

One Credit Suisse expat in Singapore said the policy makes it difficult to return home to see her family. "Many of us have been stuck in Singapore for a long while and when the borders finally open, the company makes it difficult for us to go home. - We can only work remotely for 10 business days, but the quarantine period in Hong Kong is longer than that. The whole department has been work from home since COVID, so this seems unnecessary."

Credit Suisse didn't respond to a request to comment. Fintechs like Revolut have granted employees the ability to work abroad for 60 days. 

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Photo by Ashwini Chaudhary on Unsplash

 

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AUTHORSarah Butcher Global Editor
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    28 October 2021

    All it takes is one bank to offer indefinite remote working...

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